Archived - Minister of Finance Announces Appointment to Bank of Canada Board of Directors
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Minister Oliver congratulates Wes Scott on his appointment
November 7, 2014 – Ottawa, Ontario – Department of Finance
Finance Minister Joe Oliver today announced the appointment of Wes Scott to the Board of Directors of the Bank of Canada, effective October 30, 2014. His appointment is for a term ending on February 28, 2017.
Mr. Scott has extensive experience in capital markets, investor relations, financial reporting and disclosure in executive roles spanning three decades at firms including BCE Inc., Bell Canada and Nortel Networks. He holds an MBA from Harvard Business School and has served as an executive with publicly traded companies, privately held firms or joint ventures, and over a dozen not-for-profit organizations.
- The Bank of Canada’s principal role is to promote the economic and financial welfare of Canada. The central bank works to preserve the value of money by keeping inflation low and stable.
- The Bank of Canada’s Board of Directors provides general oversight of the management and administration of the central bank. It reviews the Bank’s general policies, on matters other than monetary policy, keeps the Bank informed about prevailing economic conditions in Directors’ respective regions, and appoints the Governor and Senior Deputy Governor.
“Wes Scott is a highly respected business executive with extensive experience in corporate finance and securities regulation. He is known for guiding organizations through strategic transformation and for his knowledge of strategy and governance. I congratulate Mr. Scott and thank Philip Deck, the outgoing Director, for his contributions to the governance of the Bank of Canada.”
- Joe Oliver, Minister of Finance
Office of the Minister of Finance
Department of Finance
Wes Scott served in various roles at BCE Inc., a Canadian residential and business communications provider ranked among the 300 largest corporations in the world by Forbes, for three decades.
Mr. Scott retired in 2001 as Chief Corporate Officer of BCE and Vice Chairman of Bell Canada. Prior to that he was Executive Vice-President (1995-1999) and Chief Financial Officer (1997-1999) at Northern Telecom, when it acquired Bay Networks in 1998 and became Nortel Networks. He was a career Bell Canada employee, starting as a summer student in Toronto in 1968, and had roles in accounting, finance, regulatory matters, marketing and operations. He has been a Director of a number of public and private companies including Bell Canada, Sears Canada, Quebecor, Teleglobe Inc. and Solectron Corp.
He is currently the Chair of the Board at Aviva Canada, a Canadian property and casualty insurance company wholly owned by UK-based Aviva plc, and served as Lead Director at the Ontario Securities Commission until retiring in September. He has served on the audit committees of Toronto’s Hospital for Sick Children and its Foundation, as well as of Sears Canada Inc., Sears Canada Bank and Solectron Corp. He has also chaired the conduct review committee of the Union Bank of Switzerland (Canada).
Mr. Scott earned an MBA from Harvard Business School and a BComm from the University of Toronto. He is married and has two children.